Galleria Ltd history

He created a charitable foundation, Atlantic Philanthropies, and in 1984 turned over his share of DFS to it.

In 1986, the United States overhauled the tax code, which according to the New York Times, "increased [the partners'] isolation by prompting them to restructure the company in a way that put more distance among them.

In 1994, Feeney decided that the tourist trade was often uncertain and that he preferred a more predictable and conservative investment to fund his charitable foundation.

1996: Feeney, Parker, and Pilaro sell interests to LVMH.

Miller and Pilaro continued to fight the acquisition, going to court in January 1997, but only days later Pilaro dropped out and agreed to sell his 2.5 percent stake for $105 million.

Nevertheless, matters became so difficult that in March 1998, just a year after LVMH acquired control, DFS had to ask vendors for more time to pay its bills.

Brennan was rewarded in January 2001 by being named chairman in addition to his other titles.

The company again returned to profitability in the fourth quarter of 2003, but the ongoing viability of the business would likely hinge on a new market, the Chinese traveler and the Chinese mainland.